BUS 241-CWU-EXAM 1 QUESTIONS WITH ANSWERS
100% CORRECT
Business law - ANSWER Enforceable rules of conduct that govern commercial
relationships
private law - ANSWER regulates disputes between private individuals or groups
public law - ANSWER law dealing with the relationship between government and
individuals
civil law - ANSWER lays out the rights and responsibilities implied between persons and
their government
criminal law - ANSWER regulates situations in which someone commits an act against
the public as a whole.
uniform law (model law) - ANSWER model statutes for states to consider adopting
constitutional law - ANSWER the general limits and powers of a government as
interpreted from its written constitution
statutory law - ANSWER Law passed by the U.S. Congress or state legislatures
NCC - ANSWER (National Conference of Commissioners) urges states to enact model
laws to provide uniformity.
UCC - ANSWER (Uniform commercial code) body of law including sales laws and other
regulations affecting commerce.
, Common law (case law) - ANSWER collection of legal interpretations made by judges
Restatements of the law - ANSWER Summaries of common law rules in a particular area
of the law. Restatements do not carry the weight of law but can be used to guide
interpretations of particular cases.
administrative law - ANSWER The body of law created by administrative agencies in
order to carry out their duties and responsibilities.
natural law - ANSWER describes certain ethical laws and principles believed to be
morally right and "above" the laws devised by humans
Legal Positivism - ANSWER A school of legal thought centered on the assumption that
there is no law higher than the laws created by a national government. Laws must be
obeyed, even if they are unjust, to prevent anarchy.
Legal Realism - ANSWER based on the idea that judges need to consider more than just
the law.
cost benefit analysis - ANSWER can be used as a guide to legal change, choosing
alternatives that maximized benefits and minimized costs
ethics - ANSWER the study and practice of decisions about what is good and right
Business ethics - ANSWER application of ethics to the special problems and
opportunities experienced by business people
ethical dilemma - ANSWER problem concerning what a firm should do for which no
clear, right decision is clear and avaliable
100% CORRECT
Business law - ANSWER Enforceable rules of conduct that govern commercial
relationships
private law - ANSWER regulates disputes between private individuals or groups
public law - ANSWER law dealing with the relationship between government and
individuals
civil law - ANSWER lays out the rights and responsibilities implied between persons and
their government
criminal law - ANSWER regulates situations in which someone commits an act against
the public as a whole.
uniform law (model law) - ANSWER model statutes for states to consider adopting
constitutional law - ANSWER the general limits and powers of a government as
interpreted from its written constitution
statutory law - ANSWER Law passed by the U.S. Congress or state legislatures
NCC - ANSWER (National Conference of Commissioners) urges states to enact model
laws to provide uniformity.
UCC - ANSWER (Uniform commercial code) body of law including sales laws and other
regulations affecting commerce.
, Common law (case law) - ANSWER collection of legal interpretations made by judges
Restatements of the law - ANSWER Summaries of common law rules in a particular area
of the law. Restatements do not carry the weight of law but can be used to guide
interpretations of particular cases.
administrative law - ANSWER The body of law created by administrative agencies in
order to carry out their duties and responsibilities.
natural law - ANSWER describes certain ethical laws and principles believed to be
morally right and "above" the laws devised by humans
Legal Positivism - ANSWER A school of legal thought centered on the assumption that
there is no law higher than the laws created by a national government. Laws must be
obeyed, even if they are unjust, to prevent anarchy.
Legal Realism - ANSWER based on the idea that judges need to consider more than just
the law.
cost benefit analysis - ANSWER can be used as a guide to legal change, choosing
alternatives that maximized benefits and minimized costs
ethics - ANSWER the study and practice of decisions about what is good and right
Business ethics - ANSWER application of ethics to the special problems and
opportunities experienced by business people
ethical dilemma - ANSWER problem concerning what a firm should do for which no
clear, right decision is clear and avaliable
